Former Vice President and African Democratic Congress presidential candidate Atiku Abubakar has criticised President Bola Tinubu’s administration over its handling of the economy.
Atiku said “no amount of lying with statistics” could hide what he called the government’s poor economic record. He accused the administration of using “creative accounting” and polished presentations to paint a different picture while Nigerians continue to face hardship.
In a statement released on Sunday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku rejected recent remarks by Minister of Defence Taiwo Oyedele, who defended the government’s reforms, including fuel subsidy removal, debt management and workers’ welfare.
He argued that claims that subsidy savings are reducing inherited debts do not match public financial records. According to him, the Federal Government’s debt to the Central Bank of Nigeria rose from about ₦26.9tn in May 2023 to over ₦40.38tn.
“This administration has not reduced its indebtedness to the CBN. It has merely changed the label on the debt by converting Ways and Means advances into treasury bills and bonds while simultaneously piling up fresh obligations. That is debt restructuring—not debt repayment.”
Atiku also questioned claims of improved workers’ welfare and funding for the Nigerian Education Loan Fund, saying key wage promises remain unpaid and NELFUND confirmed receiving ₦50bn from EFCC-recovered funds.
He blamed government policies for rising borrowing costs, inflation, business closures, unemployment, naira depreciation and deeper poverty. He said officials should stop relying on media spin and instead address the country’s economic problems with sincerity, competence and accountability.
